Sometimes, the cost of renting a property can be quite similar to payments made to a mortgage and it can often be difficult to actually save up for a deposit. But there ways that can help you to get saving, you just need to know how – and do them!
Move in with family or friends
Renting will often leave you with a small amount of money to put towards a deposit. Maybe you could think about staying with somebody else, or renting somewhere that’s cheaper. For example, if you have a good relationship with a family member and you are happy to live together for a short (or long!) amount of time, this can be a great way to spend less money on rent and save more money on a deposit.
Living with friends can also be a good option – just remember not to outstay your welcome!
Find a cheaper place to rent
When you shop around in your desired area, you may find that cheaper rental properties that suit your needs could end up saving you money in other ways, too. Think of the proximity of local amenities lowering petrol or travel costs and even being closer to cheaper supermarkets – each of these can also help you to put a little more away each week.
Get a flatmate
If you’re renting a place alone and have extra space, then getting a flatmate can be a great way to lower the rent costs, which will give you the extra money you need to save up for a place of your own. However, you should check with your landlord before subletting.
One of the quickest and easiest ways to find a lodger is by asking friends, family, or even your partner to move in with you. You may also want to consider moving into a shared house, as these are often much cheaper than renting alone.
Become a property guardian
Instead of renting a place normally, you could instead become a live-in Property Guardian. As a Property Guardian, you may stay at one of many listed buildings. It could be a normal place, or even a castle!
You would be in charge of keeping an eye on the property to make sure that it doesn’t fall into disrepair. This can definitely be worthwhile if you live alone or have little to no commitments, as the rent for Property Guardians is often cheap, or free!